Online lending startup CreditMate secures $500K from India Quotient

CreditMate uses data-driven algorithms to lend against purchase of used two-wheelers. It has tied up with over 25 dealers in MumbaiShashwati Shankar | ET Bureau | October 25, 2016, 08:00 IST

Early stage fund India Quotient has invested $500,000 in Mumbai-based fintech lending startup CreditMate, which uses data-driven algorithms to lend against purchase of used two-wheelers.

“We are targeting a blue collared workforce segment which could range from beauticians to delivery boys, retail store employees, or even housewives. It's an easy process and the end user can take possession of their bike within two working days,“ said Jonathan Bill, co-founder of CreditMate.

The platform, which has tied up with over 25 dealers in Mumbai, enables the users to enter the bike of their choice and their monthly income to determine their monthly EMI and loan repayment time.

For instance, users who have a monthly salary of Rs 30,000 aiming to buy a Honda Dio bike that is up to 2 years old will need to pay a monthly EMI of Rs 3,236. Users have to have a minimum salary of Rs 10,000 in order to be eligible for the loan.